Spain: Klépierre acquires Plenilunio shopping mall in Madrid

By

Matthieu Guinebault

Published
Mar 17, 2015

The developer has announced that it is purchasing the 750,000 square foot Madrid shopping center. It’s a major acquisition intended to consolidate Klépierre’s commercial real estate portfolio in Spain.

Located 11 km east of the center of Madrid, the shopping center, which includes 230 stores, enjoys a 99.3% financial occupancy rate. In 2014, retailer sales were up by 15% as compared to the previous year. Brands present include brands owned by Inditex Group (Zara, Bershka...) as well as H&M, Mango, Desigual, C&A and Cortefiel. 

This is the third mall that Klépierre has acquired in Madrid. The others include the Meridian shopping center in Tenerife and Mare Magnum in Barcelona. The value of the promoter’s Spanish portfolio, 80% of which is made up by these five centers, is now 1.4 billion euros. 

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For its 2014 fiscal year, the promoter recorded a 3.1% increase of its rental income at 622.4 million euros. Its "solid operating performance" came following the takeover of the Dutch company Corio and the sale of part of its portfolio. The value of its overall portfolio is 13.8 billion euros (+2%), 96.3% of which is shopping centers.